Principal Financial Group Inc. Trims Position in Methode Electronics, Inc. (MEI)
Principal Financial Group Inc. lessened its holdings in Methode Electronics, Inc. (NYSE:MEI) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 299,177 shares of the electronics maker’s stock after selling 3,381 shares during the period. Principal Financial Group Inc. owned approximately 0.81% of Methode Electronics worth $12,670,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Piermont Capital Management Inc. bought a new stake in Methode Electronics in the second quarter worth $938,000. Chicago Equity Partners LLC increased its position in Methode Electronics by 160.3% in the second quarter. Chicago Equity Partners LLC now owns 19,260 shares of the electronics maker’s stock worth $794,000 after purchasing an additional 11,860 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in Methode Electronics in the second quarter worth $1,871,000. Vanguard Group Inc. increased its position in Methode Electronics by 0.7% in the second quarter. Vanguard Group Inc. now owns 3,194,454 shares of the electronics maker’s stock worth $131,612,000 after purchasing an additional 22,852 shares during the last quarter. Finally, LSV Asset Management increased its position in Methode Electronics by 101.5% in the second quarter. LSV Asset Management now owns 105,800 shares of the electronics maker’s stock worth $4,358,000 after purchasing an additional 53,300 shares during the last quarter. Institutional investors own 90.04% of the company’s stock.
Methode Electronics, Inc. (NYSE MEI) traded down $0.40 during mid-day trading on Friday, reaching $46.70. 210,804 shares of the company’s stock were exchanged, compared to its average volume of 216,488. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.32 and a quick ratio of 3.81. Methode Electronics, Inc. has a fifty-two week low of $36.05 and a fifty-two week high of $48.44. The company has a market capitalization of $1,757.68, a PE ratio of 18.51, a price-to-earnings-growth ratio of 1.24 and a beta of 0.80.
Methode Electronics (NYSE:MEI) last posted its quarterly earnings data on Thursday, August 31st. The electronics maker reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.12. Methode Electronics had a net margin of 11.16% and a return on equity of 18.11%. The business had revenue of $201.20 million for the quarter, compared to analysts’ expectations of $189.40 million. During the same quarter in the previous year, the business posted $0.57 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. equities research analysts forecast that Methode Electronics, Inc. will post 2.58 earnings per share for the current fiscal year.
Several equities research analysts recently weighed in on the stock. B. Riley restated a “buy” rating on shares of Methode Electronics in a research report on Wednesday, November 1st. Robert W. Baird restated a “buy” rating and issued a $46.00 price target on shares of Methode Electronics in a research report on Tuesday, October 17th. ValuEngine cut shares of Methode Electronics from a “buy” rating to a “hold” rating in a research report on Thursday, August 24th. Zacks Investment Research cut shares of Methode Electronics from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Finally, BidaskClub cut shares of Methode Electronics from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $49.50.
Methode Electronics Company Profile
Methode Electronics, Inc (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other.
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